歐同學(xué)
2019-03-31 11:17老師，關(guān)于廣告的這道第36題，原版書(shū)課后題答案寫(xiě)的是，必須有period to date return + either 1、3、5 years annualized return or 5years of annual composite return. 但我們課上學(xué)的有三種情況都可以，可以只披露1、3、5 或1、3、5+ period to date return 或period to date return + 5年annualized 如果按課件36題做法沒(méi)有問(wèn)題？？ 請(qǐng)問(wèn)一下到底能否只披露1、3、5年annualized return？
所屬：CFA Level III 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
Chris Lan助教
2019-04-01 14:41
該回答已被題主采納
同學(xué)你好，這里確實(shí)是有三種形式，
1-,3-,5- annualized composite returns (or since the composite inception date)：1年期，3年期，5年期年化的組合組收益率（或從組合組成立之日起）
Period-to-date composite returns + 1-,3-,5- annualized composite returns (or since ..)：HPY+1年期，3年期，5年期年化的組合組收益率（或從組合組成立之日起）
Period-to-date composite returns + 5 years of annual composite returns (or since…)：HPY+過(guò)去5年每年的年化組合組收益率（或從組合組成立之日起）
只展示1 3 5肯定不錯(cuò)，但是相對(duì)來(lái)說(shuō)1 3 5 +HPY是更好的選擇
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追問(wèn)
那我發(fā)的這道題36題為什么選B。。。
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追答
同學(xué)你好，這個(gè)題其實(shí)是有爭(zhēng)議的，因?yàn)閰f(xié)會(huì)并沒(méi)有說(shuō)一定要披露HPY，他說(shuō)了三種方法都可以。我這里把原版書(shū)的內(nèi)容給你貼過(guò)來(lái)，你看一下。
Advertisements that state a claim of compliance and present performance must also present one of the following sets of total returns:
a. one-, three-, and five-year annualized composite returns through the most recent period;
b. period-to-date composite returns in addition to one-, three-, and five-year annualized composite returns through the same period of time as presented in the corresponding compliant presentation; or
c. period-to-date composite returns in addition to five years of annual composite returns calculated through the same period of time as presented in the corresponding compliant presentation. -
追答
If the composite has been in existence for less than five years, firms must also present the corresponding returns since the composite inception date. Under option (a), for instance, if the composite has been in existence for four years, the firm must present the composite’s annualized one-year, three-year, and four-year returns. Whichever alternative is chosen, the period-end date must be clearly identified and returns for less than one year must not be annualized. These requirements are set forth in Provision III.B.5.a–c.
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